EUR/USD Price Forecast – Euro rallies again on Monday as greenback falters

Once this pair broke above the 1.15 level, it had reentered in previous consolidation area. As is typical, we are starting to rally again, and it looks as if we are going to try to go towards the top of the previous consolidation area, which begins at 1.18 above. With this in mind, I’m a buyer of dips unless of course we get some type of scary headline coming across that has people jumping towards the greenback. It seems as if the overbought attitude is starting to rollover, and I think that the concerns about Turkish economic factors are starting to abate when it comes to European banks. Perhaps the sellers came in and push things too far?

At this point, I look at the 1.15 level as a major support, so buyer should continue to come into this market as long as we can stay above that level. If we were to break above the 1.1850 level, then I think the market will go looking towards 1.20 level, an area that was important previously. I believe that the Euro is starting to try to form a major bottom, but obviously this is something that makes a lot of noise and is very difficult to trade in the process of. However, in hindsight it always looks so easy, doesn’t it? I’m a buyer of dips.

EUR USD Forecast Video 28.08.18